LATE NIGHT RAMBLINGS

From a simplicity standpoint, this chart speaks volumes to me.  The contained price action within the channel virtually screams that we have not had a fourth wave to any major degree as of yet, which would also give weight to the nested, not third wave unwinds in the NYA and the SPX.  However, we are smack in the middle of the zone where a wave C extension from the 2011 lows (green 2/B) would separate itself from a full blown third wave rally which would be just shy of 5000 on the Nasdaq Composite.  I would be very comfortable stating that I believe this year will be capped by the 138% mark noted in the extensions table and unless you are a trader, you might as well chalk the entire year up as 'no growth' to your portfolio.